HashPack, a decentralized wallet operating on the Hedera network, has introduced PACK, a utility token crafted to enrich your interaction and incentivize your participation. With a focus on fostering community engagement, PACK offers loyalty rewards and access to exclusive perks, aiming to elevate the HashPack experience.
Moreover, HashPack has released a comprehensive whitepaper detailing the tokenomics and launch strategies, providing transparency for you! You can delve deeper to uncover all the details ahead of the token launch by reading here!
HashPack and the PACK token
HashPack offers more than just the PACK token; it provides a comprehensive solution for cryptocurrency enthusiasts. You can safely manage your HBAR, HTS tokens, and NFTs within their secure wallet. Notably, you can also engage with decentralized applications and participate in DeFi activities.
Do you want to explore the HashPack NFT marketplace? If so, you are able to customize your profile with exclusive NFTs. Moreover, the fast and secure transactions you are enjoying are facilitated by the Hedera network. Most importantly, you can actively contribute to the platform’s development and decision-making processes, influencing HashPack’s future alongside the community.
How PACK Originated
HashPack has always sought to enhance your experience since its inception. In 2023, they launched the HashPack Special Collection NFT to mark the debut of their in-wallet store, offering cosmetic themes purchasable with HBAR tokens. The genesis of the PACK token emerged from discussions on rewarding HashPack users. The goal was to incentivize engagement and facilitate new wallet features and services. The vision for PACK extends beyond HashPack, aiming to integrate it seamlessly across the entire Hedera ecosystem.
By incentivizing user participation, they hope to catalyze exploration and engagement with emerging technologies like DeFi and NFTs. With Hedera’s low fees and welcoming environment, PACK intends to elevate user experiences and reward involvement.
The decision to launch PACK now stemmed from extensive deliberation. HashPack aimed to ensure that its introduction significantly enhances the user experience. With meticulous planning and rigorous adherence to compliance and quality standards, they’re confident that the upcoming April 2024 launch will achieve this goal.
“PACK will mark a before and after in the journey of HashPack. We see it as a pivotal step to bring the user experience of HashPack to the next level.” -Marc Ugas, Director of Operations, HashPack
PACK Tokenomics
Initial PACK token allocation
At the Token Generation Event (TGE), HashPack will mint 1 billion PACK tokens. Of these, 800 million will be locked in vesting contracts managed by HashPack, gradually released over six years. At launch, 200 million PACK tokens will enter circulation, with 160 million allocated to the community based on participation in specific NFT collections.
Additionally, 20 million PACK will seed the initial liquidity pool on SaucerSwap, locked for one year. Marketing, Operations, and Core Development will each receive 6 million PACK, while the HashPack community will benefit from 160 million PACK distributed among eligible participants. Unused PACK will be directed to the community treasury to support PackBack rewards and other community initiatives.
Extended PACK token allocation
Once the entire supply of one billion PACK tokens is in circulation, the ultimate allocations will be as outlined like this:
When is PACK token launching?
The Token Generation Event (TGE) marks the debut of PACK on decentralized and centralized exchanges. Participants in the HashPack Concierge Collection INO and early supporters qualifying for TGE distribution will receive their PACK allocation, and a liquidity pool will be established.
Leading up to the launch, HashPack will initiate a vote on Saucer Swap DAO for PACK inclusion and pool creation. Four days before launch, a final snapshot of HashPack Concierge Collectible holders will determine the Genesis PACK allocation. On launch day, 20M PACK will seed liquidity, and an airdrop of 160M PACK to qualifying community members will occur simultaneously.
HashPack plans to allocate liquidity to a centralized exchange (CEX) post-launch, enhancing PACK availability. Subsequent steps include listing on CoinGecko and CoinMarketCap and a SaucerSwap V2 pool and farm vote. Migration of liquidity to the V2 pool aims to stabilize PACK price post-launch. The target launch date is the end of April 2024, subject to development progress and CEX listing considerations.
Looking ahead
During one of our previous podcasts, Marc Ugas stated, “One of the objectives of 2024 is deeper integration with other ecosystem projects.” Moreover, May Chan, CEO of HashPack, also previously emphasized the community-centric approach, highlighting PACK’s initial role as a loyalty and reward token within the platform. However, the long-term vision, post-launch, entails broader token utilization as the ecosystem and community progress.
Per the whitepaper, “At HashPack we like to keep future developments and initiatives very close to our chest until they are ready and tested. We have many more utilities planned for PACK in the future that include deeper participation in Decentralized Finance, Ecosystem Engagement initiatives, and PACK accessible and enhanced features.”
Remember, you have the ability to actively contribute to shaping HashPack’s future alongside the community by participating in the platform’s development and decision-making processes!
Are you using the HashPack wallet? Let us know in the comments. And, stay tuned to our website for other announcements!
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